India is the world's most populous country with over 1.4 bn inhabitants and the fastest growing major economy. In 2023, the country’s GDP growth rate was 7.8%. The International Monetary Fund (IMF) expects India to become the world’s third largest economy behind the USA and China by 2027. These facts lead to the conclusion that India is also a huge market for wires and cables, which are needed for the transmission of electricity and electronic data, for wire products such as fasteners, springs, and ropes, which are needed for the handling of mechanical forces, and for tubes and pipes, which are needed for the transit of liquids, gases and free-flowing substances or as mechanical structures. The market is therefore currently looking eagerly towards India, where the two top regional events wire and Tube India will take place in Mumbai from November 27 to 29, 2024.
An increase in demand for steel tubes and pipes is expected for applications in various industries, including oil and gas, petrochemicals, power supply, construction, process plants, and mechanical engineering. Also the increasing infrastructure development activities and the growth of the automotive industry drive the demand. Statal initiatives to develop water supply and sanitation infrastructure have also boosted the demand for steel pipes. The India steel tubes and pipes market encounters several challenges such as the availability of cheaper alternatives like plastic pipes, especially in low-cost housing and non-industrial applications.
Developing cost-effective manufacturing processes, investing in advanced technologies, and focusing on product quality and innovation will be crucial in overcoming these challenges and sustaining the growth of the steel pipes and tubes market in India.
Outlook
In view of challenging requirements, Indian manufacturers of wire and tubular products need up-to-date processing equipment to remain competitive. The wire India and Tube India trade fairs provide an ideal opportunity for equipment manufacturers to present their products and services while visitors get access to information about the most recent developments.
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